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NSE records highest losses since mid-March as investors lose N356bn

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By Nkiruka Nnorom
The Nigerian Stock Exchange, NSE, recorded another week of negative trading this week leading to loss of N365 billion to the investors.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

The negative sentiment which entered the fourth straight week saw the All Share Index, ASI, posting a significant decline of 2.84 percent, the highest weekly loss since mid-March to 39,323.62 points, amidst still-dampened investor sentiments.

The benchmark index dipped below the 40,000-mark on Thursday, following a significant loss of 1.06 percent – the highest loss in the month so far – amidst sell offs in highly-capitlaised stocks.

Year-to-date, returns dropped to 2.83 percent, while month-to-date loss stood at 3.74 percent.

The second market indicator – market capitalisation of listed equities – closed lower at N14.244 trillion from N14.600 trillion last week.

Breakdown showed that Eterna Plc led the losers table, declining by 22.27 percent to close at N5.27 from N6.78.

Japaul Oil and Maritime Plc followed, declining by 20 percent to close at N0.24 from N0.30; Dangote FlourMills Plc ranked third, depreciating by 16.82 percent to close at N8.90 from N10.70. Transnational Corporation of Nigeria (Transcorp Plc) placed fourth with 16.35 percent decline to close at N1.33 from N1.59, while Aiico Insurance Plc was down 16.18 percent to N0.57 from N0.68.

Analysts at Cowry Asset Management are of the opinion that the market would close flat this as investors take advantage of the low prices of some fundamentally sound stocks.

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